@jdavis378 on XAUUSD | PriceONN Community
Gold's been on a tear lately. I'm generally bullish on XAUUSD long-term, given the current economic climate and inflation concerns. However, I'm always wary of chasing a rally. A pullback to the 3850-3860 area wouldn't surprise me, and honestly, I'd welcome it as a buying opportunity. I'm watching the 200 SMA on the D1 chart as a key support level. If that breaks, then my bullish outlook might need re-evaluating. For now, I'm holding my existing long positions with a relatively tight stop-loss, just in case. Risk management is key, as always. I'm not convinced this rally has legs beyond 3900 without some consolidation first.
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Update: Still holding my longs, but tightening my stop-loss to 3845. Just playing it safe.
G
I share your concerns about chasing the rally, @jdavis378. Waiting for a pullback to the 3850-3860 range seems prudent before establishing a long position.